Get an unsecured loan you can use for any purpose you wish. We have access to loans of up to £25,000 and as little as £1000. And the great thing about personal loans is that you don't have to own your home nor have perfect credit.

If you own your home then a secured homeowner loan allows you to borrow against the equity in your home. Often you can borrow more and at lower rates than with a unsecured personal loan. The average loan amount borrowed is around £25k to £30k, but we have lenders who could offer you much more (subject to your circumstances).

Payday Loans

Short Term Payday Loans

Borrow up to £10001 for short term purposes

These one month payday loans have always been a quick way of getting a small cash advance, perhaps just £200 or £300, to tide you over until your next pay day. But there have been downsides. Lenders are now directly addressing these issues as well coming up with new types of cash loan that might prove to be a better alternative - instalment loans and small guarantor loans. It could be worthwhile looking at these options too.

If you are thinking of applying for a loan then please make sure that you are able to repay it on the due date. No lender wants you to end up with serious money problems. If you need cash for longer than a month then there are more appropriate options you could consider.

For detailed answers to any questions you may have you should check out our FAQ section. Here we cover all the main issues that you are likely to be wanting to find out about. Otherwise you can apply now for your loan.

Our Approach to Payday Loans

These are a legitimate type of loan. The recent issues with them have been because irresponsible lenders have targeted people for whom payday loans were simply the wrong type of credit. The payday loans industry has cleaned up. We are not a lender but we work with a technology partner who only works with responsible lenders - those who lend ensure that an applicant can afford the loan and would not be put under any financial stress by it. If you have a reasonable income, have a reasonable credit history and can repay your loan in full on your next pay day then this type of loan may be suitable.

A Brief History of Payday Loans

The Early Days

The basic principle of a short term loan repayable on a person's next pay day was created in the USA in the 1980s. Properly regulated short term lending was seen as a far better alternative to illegal loan sharking.

This lending arrived in the UK on a tiny scale in the 1990s focusing initially on cheque cashing.

Growth & Expansion

UK lending rose from £100m in 2004 to £2.8bn in 2012 (but compare this sum to the £55bn of outstanding credit card debt and £200bn of other consumer credit).

The UK market for these loans grew particularly fast after the 2008 financial crisis. With banks in trouble and closing down access to credit for those with all but the best credit ratings lenders felt able to fill the void.

It is estimated that 10.2m loans were taken out during 2012 with US-owned lenders dominating the market.

In this period there was an explosion of loan advertising and in 2012 it was estimated that a TV viewer would have seen around 150 adverts!

By 2012 the largest name in the UK market was Wonga - a business that only started in 2006. In 2012 its turnover was £185m and it generated £46m of profits.

Concerns & New Regulation

As a reaction to the rapid growth in the market, with what was seen by many as the predatory behaviour of some lenders and the charging of excessive interest rates, a number of high profile individuals started to campaign for better regulation of the UK market.

In April 2014 the newly formed Financial Conduct Authority (which replaced the OFT) confirmed its commitment to "clean up" the short term loans industry.

A Brave New World

In January 2015 the FCA implemented a series of rules affecting all "high cost short term credit" lenders (including these loans):

a cap on interest and fees equivalent to 0.8% per day

fixed default fees capped at £15

a total cost cap of 100% - meaning a borrower can never repay more than twice the amount they have borrowed.

Since 2014/15 the UK payday loan market has contracted markedly with a number of well-known lenders leaving the industry. Other lenders have been forced by the FCA to make repayments to borrowers and write-off substantial amounts of outstanding debt.

The Outcome of these changes - borrowers can be assured that lenders are now acting in the borrower's interests. Charges and interest are capped and lenders have to behave properly when chasing outstanding debt. Where a lender does not believe a borrower can afford to repay the loan they will decline the application.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY

MISSING PAYMENTS ON A LOAN WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE

Correspondence Address: PO Box 414, Reigate, Surrey, RH2 2DN.

Solution Loans is a licensed credit broker and not a lender. Nothing on this website constitutes financial advice. If you need financial advice you should speak to a qualified financial advisor. This website provides information only. The choice of product is yours and your alone. As a broker we process the information you provide us and we may pass this onto our trusted third party lenders and brokers. All credit is subject to you being a UK resident, aged 18 or over and your personal circumstances. All lenders operate responsible lending policies and as such credit is subject to affordability. § Visit how we earn revenue for more information.